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WHEREAS, bids were received on January 22, 1991, for the <br />sale of the Tax-Exempt Bonds for the construction of the Tax- <br />Exempt Project under the terms and conditions provided in the <br />Lease; and <br />WHEREAS, the lowest and best bid for the Tax-Exempt Bonds <br />was received from Merrill Lynch & Company ("Merrill Lynch") as the <br />bidder offering the lowest net interest cost to the Authority, <br />determined by computing the total interest on all of the Tax- <br />Exempt Bonds from the date thereof to their maturities and <br />deducting therefrom the premium bid, if any, or adding thereto the <br />amount of any discount, if any, with a net interest rate of <br />7.0486, which bid was accepted; and <br />WHEREAS, the award of the sale of the Tax-Exempt Bonds <br />will permit a reduction in the annual rental payments on the Lease <br />for the Tax-Exempt Project pursuant to Section 4 of the Lease; and <br />WHEREAS, the Authority desires to approve and execute an <br />addendum to the Lease (the "Addendum"), a copy of which is hereby <br />attached as Exhibit A, reflecting such lower annual Lease payments <br />for both the Taxable Project and Tax-Exempt Project and making <br />certain other amendments to the Lease; <br />NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND <br />REDEVELOPMENT AUTHORITY, AS FOLLOWS: <br />1. The Authority hereby ratifies and approves the award <br />of the sale of the Taxable Bonds to Nuveen in the amount of Four <br />Million Two Hundred Thousand Dollars ($4,200,000), at a price equal <br />to Four Million One Hundred Sixteen Thousand Dollars ($4,116,000), <br />such Taxable Bonds to bear a net interest figure of 9.6161%, since <br />-3- <br />